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Türkiye’s E-commerce Volume Posts Substantial Yearly Growth in 2021

May 17, 2022

​In 2021, e-commerce volume in Türkiye increased by 69 percent year-on-year, reaching TRY 381.5 billion. The number of orders increased by 46 percent to hit 3 billion 347 million units, up from 2 billion 297 million units, during the same period.
 
The percentage of e‑commerce out of total retail sales was 17.7 percent in 2021. It was in November that the percentage spiked to 20.4 percent, which is known as the e-commerce campaign month.
 
While 92 percent (TRY 349 billion) of e‑commerce was realized in Türkiye, 4 percent came from purchases from cross-border transactions by foreigners based abroad. Purchases made by overseas Turkish expatriates accounted for the remaining 4 percent.
 
The number of businesses engaged in e-commerce activities in Türkiye reached 484,347 in 2021. While 26,442 of these enterprises operate as service providers registered with the Electronic Commerce Information System (ETBIS), 472,604 of them operate in e-commerce marketplaces. The number of sites registered to ETBIS amounted to 31,592. 14,699 of Turkish businesses are engaged in e-commerce activities on their own sites while selling on e‑commerce marketplaces as well.
Analyzing e‑commerce expenditures in 2021 across the demographic age group of 18-70 in Türkiye reveals that e-commerce expenditure per capita increased by 69 percent in 2021 compared to the previous year, amounting to TRY 4,749.

Source: Republic of Turkey Investment Office
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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Average earnings without taxes and contributions in Montenegro decreased 0.3% in March

May 17, 2022

The average earnings (gross) in Montenegro in March 2022 are 868 Euro, while the average earnings without taxes and contributions (net) are 704 Euro. The average earnings without taxes and contributions (net) in March 2022 comparing to February 2022 decreased 0.3%, while the average earnings without taxes and contributions (net) in March 2022 comparing to March 2021 increased 33.8%.

Having in mind that consumer prices in March 2022 comparing to February 2022 increased 3.4%, the results is that real earnings without taxes and contributions (net) in the same period decreased 3.6%.

The average earnings (gross) in the first quarter 2022 comparing to fourth quarter 2021 increased 9.6%.


Source: Statistical Office of Montenegro
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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OECD released an E-Commerce VAT Toolkit for Asia-Pacific countries

May 17, 2022

OECD released a new VAT Digital Toolkit for Asia-Pacific (APAC) nations. The toolkit is intended to support local tax authorities to better collect value-added tax on e-commerce activities.

APAC is home to the largest e-commerce market in the world. The toolkit is intended to support the region’s tax agencies to collect value-added tax not only on sales by online marketplaces and overseas retailers but on the sale of apps, streaming services, online games, and ride hailing services.

This Toolkit has been produced by the OECD in partnership with the World Bank Group. This partnership also includes editions for Latin America and the Caribbean and for Africa. The Asian Development Bank (ADB) has contributed considerably as regional partner for the APAC region.


Source: Tax News-OECD
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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Euro area international trade in goods deficit €16.4 bn

May 17, 2022

The first estimate for euro area exports of goods to the rest of the world in March 2022 was €250.1 billion, an increase of 14.0% compared with March 2021 (€219.3 bn). Imports from the rest of the world stood at €266.5 bn, a rise of 35.4% compared with March 2021 (€196.8 bn), driven again, in particular, by a further increase in energy imports. As a result, the euro area recorded a €16.4 bn deficit in trade in goods with the rest of the world in March 2022, compared with a surplus of €22.5 bn in March 2021. Intra-euro area trade rose to €236.8 bn in March 2022, up by 21.2% compared with March 2021.

In January to March 2022, euro area exports of goods to the rest of the world rose to €666.7 bn (an increase of  16.6% compared with January-March 2021), and imports rose to €719.1 bn (an increase of 39.7% compared with January-March 2021). As a result, the euro area recorded a deficit of €-52.4 bn, compared with a surplus of €56.7 bn in January-March 2021. Intra-euro area trade rose to €636.0 bn in January-March 2022, up by 24.4% compared with January-March 2021.

European Union

The first estimate for extra-EU exports of goods in March 2022 was €220.5 billion, up by 12.8% compared with March 2021 (€195.5 bn). Imports from the rest of the world stood at €248.2 bn, up by 40.4% compared with March 2021 (€176.8 bn). As a result, the EU recorded a €27.7 bn deficit in trade in goods with the rest of the world in March 2022, compared with a surplus of €18.7 bn in March 2021. Intra-EU trade rose to €368.7 bn in March 2022, +19.7% compared with March 2021.


Source: Eurostat
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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The Future of Blockchain Technology in Europe

May 17, 2022

Blockchain technology was first described by the research scientists Stuart Haber and W. Scott Stornetta in 1991. But it wasn’t until 2008 that it started to get some real relevance.

A scientist or a group of scientists behind the alias name Satoshi Nakamoto have created the blockchain technology as we know it today. Its primal purpose was to enable Bitcoin users to perform direct digital transactions without the need for any validation from a third party, such as a bank.

Today, blockchain is on its way to becoming the most widely used record-keeping system in the world. It is certainly a hot topic these days, but what is blockchain technology?

It is a system that stores chunks of data in blocks. Once one block reaches its storage capacity, it links to the previously filled block, thus forming a chain of data.

Simply put, a blockchain is a distributed ledger for secure transactions without a third party involved. This data storage system is practically unhackable.

We can differentiate three main types of blockchains:

  • Public – mostly used for cryptocurrency and peer-to-peer transactions.
  • Private – used for supply-chain management and data storage tasks. Private blockchains have a limited range and controlled features.
  • Hybrid – authorization blockchain that can enable only certain participants in the network and decide on their access level.

Assisted by the top blockchain development companies, more and more businesses in Europe and worldwide are interested in integrating blockchain technologies into their systems and enjoy the benefits of enhanced security, greater transparency, instant traceability, increased efficiency, and automation.

The EU is looking to become the leader in blockchain technology innovations, so much so that they have developed the European Commission’s blockchain strategy, which we will now discuss in detail.

Golden standards

The European Commission created a blockchain strategy that aims to follow these five golden standards:

    • Sustainability – making a blockchain technology that runs on renewable energy resources.
    • Secure data – making a blockchain technology that supports and is compatible with privacy regulations.
    • Digital identity – making blockchain technology compatible with e-signature regulations and with a decentralized and self-governing identity framework.
  • Cybersecurity – making blockchain technology to be hacker-proof.
  • Interoperability – making blockchain technologies interoperable with themselves and the outside world’s legacy systems.

Aspects of the European Commission’s blockchain strategy

The European Commission’s blockchain strategy includes:

  • Creating a pan-European public services blockchain – The European public sector is building its own blockchain infrastructure that aims to include interoperability with private sector platforms.
  • Legal certainty promotion – The commission is developing legal frameworks for digital assets and smart contacts. These frameworks should protect the users and ensure legal certainty for all businesses involved.
  • More funding for blockchain research and innovations – The EU offers grants and supporting investments for startups and projects targeting Artificial Intelligence (AI) and blockchain research and innovations.
  • Encouraging blockchain skills development – The Digital Europe Programme formed a €580 million budget for educating skilled digital experts to make sure there is enough personnel to meet future demands.
  • Interaction with the community – The Commission interacts with the community through The International Association of Trusted Blockchain Applications (INATBA), The European Blockchain Observatory, and the Forum.
  • Supporting blockchain for sustainability, interoperability, and standards.

Blockchain has a great potential for changing the future of transaction-based industries and other industry sectors. Even though it was primarily created for secure bitcoin transactions, it has found many uses in different industries.

Here is what a blockchain deployment through industries in Europe looks like:

  • 25.76 % – Tech, IT, Telecommunication;
  • 19% – Government services;
  • 14.90% – Financial Services, FinTech, KYC, AML;
  • 8.83% – Education;
  • 7.58% – Supply chain, Transportation, Industrial manufacturing;
  • 6.07% – Media, Entertainment, Publishing;
  • 5.56% – Non-profit or Social Impact;
  • 4.30% –  Energy, Environment, Utilities;
  • 2.53% – Health care.

No European country enforced any hostile rules and regulations against blockchain and cryptocurrencies. Some countries have more advanced blockchain ecosystems than others.

Cyprus, Malta, and Switzerland were the quickest to implement the blockchain technology and institute strategic regulatory frameworks.

While France and Germany have prepared advanced regulatory frameworks for wider blockchain usage but are yet to implement comprehensive applications.

Conclusion

The EU believes that intergovernmental support, together with private investments, can create a strong foundation for fast blockchain technology adoption across Europe over the next decade.

They aim to extend the reach of blockchain technology beyond financial-based usage and start to use its transformative efficiencies in other important sectors too.

Blockchain technology is of strategic importance to the European Union and is most likely to play a leading role in reinforcing technological supremacy.


Source: EU Business News.com
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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Bulgaria will adopt the Euro on January 1, 2024

May 17, 2022

Bulgaria will adopt the euro on January 1, 2024, as decided by the previous government.” This was announced by Deputy Prime Minister and Minister of Finance Asen Vassilev and Minister of Innovation Daniel Lorer.

The plan for adopting the euro remains the same as announced by the Bulgarian National Bank and the Ministry of Finance in June last year. It provides for the adoption of the euro immediately without a transition period.

“There are two or three deadlines in this plan, but nothing else has been changed in this plan from June 30 last year. Absolutely all citizens, not only MPs, had almost a year to get acquainted with this plan,” said Asen Vassilev.

The most important date in the plan remains, namely – Bulgaria‘s entry into the Eurozone.


Source: Novinite.com – Sofia News Agency
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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Czech Inflation Rate is Highest Since 1993

May 17, 2022

According to the Czech Statistical Office (CZSO), consumer prices in April increased by 1.8%, month-on-month. This development came primarily from higher prices in ‘housing, water, electricity, gas and other fuels’ and in ‘food and non-alcoholic beverages’. The year-on-year growth of consumer prices amounted to 14.2% in April, which was 1.5 percentage points up on March.

Consumer prices in April increased by 1.8%, month-on-month. In ‘housing, water, electricity, gas and other fuels’, mainly prices of electricity were higher by 4.3%, natural gas by 4.7%, heat and hot water by 2.8%, materials and services for maintenance and repair of the dwelling by 2.3% and solid fuels by 3.9%. In ‘food and non-alcoholic beverages’, mainly prices of meat increased by 8.7% (of which prices of pork were higher by 23.3%, month-on-month), vegetables by 4.3%, sugar by 17.9%, UHT semi-skimmed milk by 6.8%, eggs by 8.4%, flour by 21.9% and oils and fats by 2.4%. Month-on-month price decrease was observed in ‘alcoholic beverages, tobacco’, where prices of wine were lower by 4.1%, spirits by 2.5% and beer by 1.2%. In ‘transport’, prices of fuels and lubricants for personal transport equipment fell by 3.3%.

Prices of goods in total went up by 1.9% and prices of services by 1.6%.

Consumer prices increased by 14.2% in comparison with last April. This was the most in last three decades, when in December 1993 the year-on-year price growth reached 18.2%. The April year-on-year index was mostly affected by prices of housing, fuels and food, noted Pavla Sediva, head of Consumer Price Statistics Unit of CZSO.

The biggest influence on the growth of the year-on-year price level in April came from prices in ‘housing, water, electricity, gas and other fuels’, where besides owner occupied housing costs, also prices of actual rentals increased by 4,5%, prices of water supply by 5.3% and sewage collection by 6.4%


Source: Czech Statistical Office (CZSO)
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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Amazon buys five renewable energy projects in Spain

May 16, 2022

The company increases its domestic capacity to 1.4 gigawatts with three solar plants and two wind farms

Amazon has announced the purchase of 37 new renewable energy projects, making it the largest corporate buyer of renewable energy in the world. Its project portfolio has a combined capacity of 3.5 gigawatts that, when added to previous acquisitions, totals 15.7 gigawatts across 310 projects in 19 countries.

Five of the new projects are in Spain. These consist of three solar plants and two large-scale wind farms that add 314 megawatts to the nine solar plants in Spain that already supply the US company. With these assets, located in Aragon, Andalusia and Castile-La Mancha, Amazon now has 1.4 gigawatts of renewable capacity in Spain.

Investment in renewables
Amazon CEO, Andy Jassy, said, “We are committed to protecting the planet and limiting Amazon’s impact on the environment, which has led us to become the world’s largest corporate buyer of renewable energy in both 2020 and 2021. Given the growth of our business and our mission to operate with 100% renewable energy, we are accelerating our investments in renewables”.

Looking ahead, Jassy explained, “We now have 310 wind and solar projects in 19 countries, and we are working towards our goal of powering 100% of our business with renewable energy by 2025, five years ahead of our initial 2030 target.

Net zero emissions
The projects acquired will provide renewable energy to the company’s various locations, including its corporate offices, logistics centres and Amazon Web Services (AWS) data centres. Its goal is to reach net zero carbon emissions by 2040, ten years earlier than the Paris Agreement. This commitment was made in 2019, when Amazon and Global Optimism co-founded The Climate Pledge.

To complement these investments, Amazon is investing in energy storage systems, which will allow it to store the renewable energy generated by its solar projects and use this at times when it is not being produced, such as at night or during demand peaks. The company has also tackled other initiatives, such as the largest ever order for electric delivery vehicles,  100,000 units.


Source: Invest in Spain
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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Malta’s GDP is expected to grow by 6.0% in 2022

May 16, 2022

The Central Bank of Malta (Bank) expects Malta‘s gross domestic product (GDP) to grow by 6.0% in 2022, by 5.3% in 2023 and by 3.8% in 2024. Compared to the Bank’s earlier projections, the level of GDP is being revised upwards due to an estimated 1.2 percentage point higher growth in 2021. Pre-pandemic economic activity levels would thus have been attained earlier than projected in the Bank’s previous projections exercise. Consequently, the GDP growth rate for 2022 is being revised down by 0.5 percentage points. No substantial revisions have been made to the subsequent two years.

In 2022, domestic demand is expected to be the main driver of growth, reflecting strong growth in private and government consumption. In addition, net exports are projected to also contribute strongly this year, as exports accelerate, while imports are projected to grow at a slower pace. The slowdown in imports in turn mirrors the expected drop in investment in 2022, following exceptional outlays in certain sectors in 2021. In the following years, domestic demand is envisaged to continue leading the expansion in economic activity, reflecting especially a foreseen strong contribution from private consumption. At the same time, the contribution of net exports is projected to remain positive, reflecting the gradual normalisation of tourism activity and continued growth in foreign demand generally.

Employment growth is set to accelerate to 2.6% in 2022 in view of the continued growth in economic activity. It is then set to slow down in the following two years. The unemployment rate is set to stand at 3.5% by 2022 before returning to 3.6% in 2023 and 2024. At the same time, labour market tightness is expected to gradually moderate as net migration flows pick up over the projection horizon. This is expected to alleviate wage pressures.

Annual inflation based on the Harmonised Index of Consumer Prices is set to rise to 2.7% in 2022, up from 0.7% in 2021, largely reflecting the impact of import price pressures on all subcomponents of inflation except energy. Import price pressures are then envisaged to ease somewhat and hence, inflation is set to decelerate to 1.8% by 2024.


Source: The Central Bank of Malta
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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Portugal’s economy picked up steam in Q1, rising at a quicker rate in sequential terms than in Q4

May 16, 2022

The brighter picture was due to an increase in household spending. In Q2, rising energy prices prompted the government to implement a non-refundable subsidy for businesses that use a lot of gas, which will cover 30% of the rise in their bills. The European Commission has approved a natural gas price ceiling, which would help households and businesses save money on energy costs while also increasing regulatory uncertainty and distorting markets. A fuel tax decrease in April could boost activity even more, but it will increase the fiscal imbalance. In politics, the new government led by Prime Minister Antonio Costa took office on March 31.

This year’s GDP growth should be strong. Lower income taxes are expected to boost household spending, while a rebounding tourism industry and forthcoming EU money will help to strengthen the economy. The risks are weighted to the downside, as Russia’s invasion of Ukraine threatens to exacerbate inflation and disrupt supply lines. GDP is expected to expand 4.6 percent in 2022, according to forecasters, which is down 0.3 percentage points from the previous month’s prediction. GDP is expected to rise 2.5 percent by 2023.


Source: Focus Economics
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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